SWIFT expands compliance portfolio

SWIFT has acquired Omnicision, the UK-based provider of financial crime prevention services and solutions, which, it says, will underscore its “commitment to invest in its compliance offering and will enable the company to grow its sanctions testing service and further expand its compliance services, leveraging Omnicision’s technology, expertise and product pipeline”.

Ian Horobin, CEO of Omnicision, said, “We are excited to join SWIFT at this important stage in the development of its financial crime compliance services. SWIFT’s unique position in the financial community and unrivalled global network will allow us to further innovate and deliver tangible benefits to SWIFT users worldwide.”

Yawar Shah, chairman of SWIFT, said, “The industry is counting on SWIFT to provide innovative solutions in the financial crime compliance area. The Omnicision acquisition marks another key milestone in the expansion of SWIFT’s compliance services strategy, and demonstrates our commitment to making the necessary investment to address the community’s needs in this critical area.”